Homeowners are being warned that mortgage rates are set to surge as more turbulence continues to hit the market.
Lenders have been withdrawing deals and raising rates at a "relentless pace" and this week would "bring more of the same", according to Broker London & Country.
Borrowers have seen rates go up around 0.5 per cent in the last month with the average fixed deal topping six per cent.
Santander became the latest big lender to temporarily withdraw new deals due to "market conditions" on Monday.
Borrowers have seen rates go up around 0.5 per cent in the last month
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HSCB also removed new deals for customers via brokers from the market before temporarily reopening them on Friday.
Rates have been increasing after new data revealed that UK inflation is not coming down as quickly as expected.
Experts have predicted that the Bank of England will raise rates from their current 4.5 per cent to as high as 5.5 per cent.
This in turn has created a direct impact on mortgage lenders who have bumped up rates and scrapped new deals.
"It's been pretty relentless for the last couple of weeks. We're back to that phase of you can't hang around if you are looking at a fixed rate," David Hollingworth from London & Country told the BBC.
He added that lenders are being forced to reprice deals as the market shifted around them and those with cheaper deals faced a "tidal wave" of business.
"Unfortunately I think this week we may still have to see more of that happening," he said.
"But hopefully those rates will just start to find a level and we'll see things start to calm down in the near future."
Experts have predicted that the Bank of England will raise rates from their current 4.5 per cent to as high as 5.5 per cent
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The average two-year fixed-rate mortgage deal is 5.86 percent, while a five-year deal has hit 5.51 per cent, according to financial data firm Moneyfacts.
Ian Stuart, boss of HSBC in the UK, admitted it was a "deeply concerning" time for a lot of customers.
"If you've got an old rate, as many will have, let's say 1.5 per cent, and you're going to come off that rate and go onto something like 5 per cent, that is a big impact on your monthly budget.
"So not the news mortgagees would be looking for, but I don't think inflation is going to fall quite as fast as we had hoped."